Mumbai: From September 15, the National Payments Corporation of India (NPCI) has increased the daily limit for Person-to-Merchant (P2M) transactions to Rs 10 lakh.
This decision was taken to help sectors where lower limits earlier created difficulties.
Insurance and Investments
- Limit for capital market investments and insurance premium payments raised from Rs 2 lakh to Rs 5 lakh.
- However, total daily transactions cannot exceed Rs 10 lakh.
UPI New Rule: UPI Payments May Soon Change, New Biometric System Likely To Replace PINGovernment Payments and GEM Portal
- On the Government e-Marketplace (GEM) portal, the limit has increased from Rs 1 lakh to Rs 5 lakh per transaction.
- This includes tax payments and earnest money deposits.
Travel Sector
- Travel-related transactions now have a higher limit of Rs 5 lakh (earlier Rs 1 lakh).
- The overall daily cap remains Rs 10 lakh.
Credit Card Bills and Loan EMIs
- Credit card bill payments through UPI allowed up to Rs 5 lakh per transaction, but capped at Rs 6 lakh per day.
- Loan EMI collections raised to Rs 5 lakh per transaction and ₹10 lakh per day.
New UPI Rules From August 1, Big Changes Coming To Payments & PricesJewellery and Banking Services
- Jewellery purchase limit via UPI raised to Rs 2 lakh per transaction (earlier Rs 1 lakh), with a Rs 6 lakh daily cap.
- For banking services like fixed deposits through digital onboarding, the limit is Rs 5 lakh per transaction per day.
No Change in Person-to-Person (P2P) Payments
The daily limit for P2P payments remains the same at Rs 1 lakh per day.
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